Award-winning broker provides only liability
insurance program to protect plasticizers covered under Prop 65
Wells Fargo Insurance, part of Wells Fargo & Company (NYSE:
WFC), today announced the launch of its Prop 65 insurance
program1, the first liability
insurance program tailored to provide financial protection for
product manufacturers, distributors, and formulators of products
that contain any of six plasticizers covered under California
Proposition (Prop) 65.
The average settlement cost for these claims exceeds $80,0002
with fines costing as much as $2,500 per exposure per day,
according to Wells Fargo Insurance. Existing general liability,
product, and pollution policies currently do not provide coverage,
which puts companies at financial risk if faced with a Prop 65
civil lawsuit. Under Wells Fargo Insurance’s program, companies can
now mitigate risk by securing coverage to provide protection from
the costs associated with defending a Prop 65 lawsuit specific to
plasticizers, including fines, penalties, legal costs, and
expenses. The coverage is serviced by Safehold Special Risk, Inc.,
a division of Wells Fargo Insurance, and underwritten by Hiscox, a
leading specialist insurer.
“At Wells Fargo Insurance, we continually look for ways to
innovate and provide our customers with the right services and
resources,” said Glynis Priester, Wells Fargo Insurance
Environmental National practice leader. “We recognized a need
existed with our customers and in the marketplace and we worked
closely with SPI, The Trade Association of the Plastics Industry to
craft the program.”
California Proposition (Prop) 65 was passed into law in 1986 and
requires product manufacturers, distributors, and formulators to
provide “clear and reasonable” warnings on products sold in
California that contain chemicals known to be carcinogenic, or
cause birth defects, if exposure to those chemicals from the
product exceeds the safe harbor level. Currently, California Prop
65 covers more than 800 chemicals. Wells Fargo’s Prop 65 insurance
program provides coverage related to the following
plasticizers:
- DEHP
- DBP
- BBP
- DIDP
- DnHP
- DINP3
“This was a true team effort across Wells Fargo Insurance and is
a testament to the breadth of our resources and expertise,” John
Paulk, Jr., vice president and programs leader of Safehold Special
Risk added. “We’re excited to offer the industry’s first Prop 65
insurance program as we continue to help our customers protect what
they value most.”
The Wells Fargo program is endorsed by SPI and offered as a
business benefit by SPI to its members.
Wells Fargo’s Environmental National Practice helps customers
with financial underwriting and insurance, including pollution
legal liability, guaranteed fixed price cleanup, environmental
surety, and lender liability.
About Wells Fargo Insurance4
Recently named Best Insurance Broker in the U.S. by Global
Finance Magazine5, Wells Fargo Insurance provides solutions for a
wide range of customers, including retail consumers, high net worth
individuals, small businesses, as well as middle market and large
corporate customers. Wells Fargo Insurance writes or places
approximately $11 billion of risk premiums annually in property,
casualty, benefits, international, personal lines, and life
products and also includes one of the nation’s leading crop
insurance providers, Rural Community Insurance Services (RCIS).
About Wells Fargo & Company
Wells Fargo & Company (NYSE: WFC) is a nationwide,
diversified, community-based financial services company with $1.7
trillion in assets. Founded in 1852 and headquartered in San
Francisco, Wells Fargo provides banking, insurance, investments,
mortgage, and consumer and commercial finance through 8,700
locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 36 countries to support customers who
conduct business in the global economy. With approximately 266,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 30 on
Fortune’s 2015 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy our customers’ financial needs and
help them succeed financially. Wells Fargo perspectives are
also available at Wells Fargo Blogs and Wells Fargo Stories.
About Hiscox
Hiscox, the international specialist insurer, is headquartered
in Bermuda and listed on the London Stock Exchange (LSE: HSX).
There are three main underwriting divisions in the Group - Hiscox
London Market, Hiscox Re and Hiscox Retail (which includes Hiscox
UK and Europe, Hiscox Guernsey, Hiscox USA and subsidiary brand,
DirectAsia). Hiscox underwrites internationally traded, bigger
ticket business and reinsurance through Hiscox Re and Hiscox London
Market. Through its retail businesses in the UK, Europe and the US
Hiscox offers a range of specialist insurance for professionals and
business customers, as well as homeowners.
For further information, visit www.hiscoxgroup.com.
1 This broker communication is for informational purposes only.
The coverage afforded by the products described herein is subject
to and governed by the terms and conditions of each policy issued.
This information may not be used to modify any policy that might be
issued. The products described are underwritten by a Hiscox
syndicate at Lloyd’s, London, and is available in the US on a
surplus lines basis. The publication and delivery of this
information is not intended to be a solicitation by Lloyd’s for the
purchase of insurance on any US risk.
2 This figure was calculated by Wells Fargo Insurance using data
provided on the California Attorney General’s website.
3 recently added to Prop 65 list in December 2014
4 Products and services are offered through Wells Fargo
Insurance Services USA, Inc., and through Safehold Special Risk,
Inc., dba Safehold Special Risk & Insurance Services, Inc. in
California, a non-bank insurance agency affiliate of Wells Fargo
& Company, non-bank affiliates of Wells Fargo & Company.
Products and services are underwritten by unaffiliated insurance
companies except crop and flood insurance, which may be
underwritten by an affiliate, Rural Community Insurance Company.
Some services require additional fees and may be offered directly
through third-party providers. Banking and insurance decisions are
made independently and do not influence each other.
5 Ranking includes Wells Fargo Insurance Services USA, Inc.,
Wells Fargo Insurance Services of West Virginia, Inc., Wells Fargo
Insurance, Inc., and Rural Community Insurance Company
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version on businesswire.com: http://www.businesswire.com/news/home/20151008006052/en/
MediaWells Fargo & CompanyAngenette Lau, Office:
415-396-9904Cell:
415-730-4035Angenette.m.lau@wellsfargo.comTwitter:
@AngenetteLauWF
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